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| November 15, 2018

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alleges Archives -

Massive real estate scam based in Irvine bilked people out of $100 million, FTC alleges

November 8, 2018 |

The Federal Trade Commission announced Thursday that it’s looking to shut down the “largest overseas real estate investment scam” it has ever encountered: an unfinished luxury development in Belize whose owners, the agency said, bilked people out of more than $ 100 million.

The scheme’s perpetrators…

L.A. Times – Business

Chinese spies conspired to steal jet-engine technology, U.S. alleges

November 1, 2018 |

The United States unveiled charges against two alleged Chinese spies, accusing them of orchestrating a conspiracy to steal prized jet-engine technology from private companies — including in Los Angeles — as the Trump administration raises pressure on Beijing to address its trade grievances.


L.A. Times – Business

US Alleges British Sailor Sank Boat to Hide Wife’s Murder

September 16, 2018 |

The case of a British sailor who was initially arrested on charges he was smuggling gold and silver coins while on a voyage to Cuba has since had a murder count added to his list of woes. The FBI believes Lewis Bennett killed his wide, Isabella Hellman, as they plied…

Trader Alleges Bithumb is Losing $150,000 USD Daily to Washtrading

September 6, 2018 |

Trader Alleges Bithumb is Losing $  150,000 USD Daily to Washtrading

A trader has posted on Twitter alleging that an actor is taking advantage of Bithumb’s 120% fee payback to milk the platform of approximately $ 150,000 USD each day through washtrading.

Also Read: Uzbekistan Legalizes Crypto Exchanges and Trading

Twitter Trader Claims Bithumb’s Promotional Fee Schedule is Getting Exploited

The Twitter account of Alex Kruger, a cryptocurrency trader, has posted allegations Bithumb is losing roughly $ 150,000 each day to a single opportunist actor who is exploiting the exchange’s 120% fee payback schedule.

Summarizing his findings, Mr. Kruger asserts that “There currently are USD 250 million of fake volume traded at Korean crypto exchange Bithumb, every day at 11 AM Korean Time, since August/25.”

Trader Alleges Actor is Rorting Bithumb Through Washtrading

Trader Alleges Bithumb is Losing $  150,000 USD Daily to WashtradingElaborating upon his theory, Mr. Kruger posted “Bithumb offers 120% payback of trading fees as an airdrop,” before quoting Bithumb’s website – “Daily Limit 1 billion KRW, First Come First Served.” As of this writing, 1 billion KRW equates to approximately $ 890,068.

“Trading fees are 0.15% taker,” his post continues. “Wash trading conducted by entering two opposite limit orders => Total fees 0.3%. Rebate is for 120% => 0.36%. To collect the full KRW 1 billion rebate a wash trader must thus trade KRW 278 billion. That is USD 250 million in daily fake volume.”

31,000 BTC Traded at 11 AM on Bithumb Daily

Again citing Bithumb’s “First Come First Served” stipulation, Mr. Kruger links to a chart that shows 31,000 BTC being executed at 11 AM each day, stating “Notice how 31K bitcoin are traded at exactly 11 AM. That represents KRW 252 billion,” also asserting that “The remainder KRW 26 billion are traded in other coins.”

Mr. Kruger concludes that “some smart trader/s are milking […] Bithumb every day,” adding that “The amount traders collect from Bithumb is USD 150,000 daily. Or USD 4.5 million for the duration of the promotion. Expensive marketing campaign.” reached out to Bithumb for commentary, however, did not receive a response.

What is your response to the theory that a trader or traders are exploiting Bithumb’s 120% fee payback through washtrading? Share your thoughts in the comments section below!

Images courtesy of Shutterstock, Twitter

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The post Trader Alleges Bithumb is Losing $ 150,000 USD Daily to Washtrading appeared first on Bitcoin News.

Bitcoin News

Papa John Now Alleges Sexual Misconduct

August 30, 2018 |

Getting Papa John out of the Papa John’s kitchen has done nothing to quell the heat between the pizza chain and its former CEO. A special committee of the chain’s board of directors penned a letter Wednesday accusing John Schnatter of “promoting his self-interest at the expense of all others…

Archbishop Alleges Pope Long Knew About Sex-Abuse Charges

August 26, 2018 |

Pope Francis declined to respond Sunday to accusations by a former Vatican ambassador to the U.S. that he covered up sexual misconduct by a prominent cardinal, amid a deepening a crisis over sexual abuse that is increasingly overshadowing his pontificate. What’s News Europe

Lawsuit Alleges Docs Gave C-Section Without Anesthesia

August 6, 2018 |

A California mom says she was given a c-section without anesthesia. A lawsuit filed by Delphina Mota claims she was in labor last year when doctors at an Oceanside hospital were unable to detect a fetal heartbeat, forcing them to perform emergency surgery. However, the suit claims the anesthesiologist on…

CBS Alleges Videotape of Ailing Mogul Sumner Redstone Felled Board Member

August 1, 2018 |

CBS alleged that its vice chairman, Shari Redstone, pushed to remove a board member earlier this year after he recorded a meeting with her father, CBS Chairman Emeritus Sumner Redstone, to document his medical condition. US Business

Corona trucking company conducted illegal gas tank repairs, leading to a worker death, grand jury alleges

April 26, 2018 |

The owner and two workers at an Inland Empire trucking company operated a conspiracy to make illegal repairs on gasoline tanker trucks, a dangerous scheme that caused a fatal explosion, a federal grand jury charged.

The indictment, filed Wednesday, charges owner Carl Johansson, shop manager Enrique…

L.A. Times – Business

Former Wells Fargo trader alleges pay incentives could have led to foreign-exchange overcharges

April 17, 2018 |

Wells Fargo & Co.’s former top currency trader has sued the San Francisco bank, alleging wrongful termination, saying he was fired last year because he planned to complain to regulators about the foreign exchange desk’s incentive-pay system.

Simon Fowles was one of four currency traders fired in…

L.A. Times – Business